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Say what you want about Bitcoin, the undeniable truth is that the cryptography market is booming right now and it could still be a little bit, especially when you look at the Bitcoin hash rates to determine how much it is popular Bitcoin mining. At this time, according to the data provided for Blockchain.com, the mining hash has exceeded 50 exahash / s for the absolute time.
The exact hash was 50,277 exahash / s, which is the all-time record for the token, being even higher than when the token had a value of $ 20,000 last year. If we consider the exponential growth of the long-term Bitcoin hash, we can see that this will probably soon be exceeded and another record will be set.
Rally In Bitcoin The price could be influenced by the high rate of hashes
The most obvious reason for the increase in the hash is the increase in the price of Bitcoin. After trending a trend of less than $ 6,000 USD, the token recently reached a price of $ 8,500 USD, which led to many speculations and the return of Bitcoin. At the time of this report, the price of Bitcoin ranged between $ 8,000 and a bit lower than that.
As price increases make mining more profitable, more people are starting to dig. This is because the Bitcoin market suffered a long bear market in which prices were low. Because of this problem, old mining rigs were not sufficient to extract Bitcoin.
Now, as the price increases again, these people can take dust out of their mining rigs and make profits again. The effect is even more profound as companies can use their profits to buy better plants and even more mines.
Another fact that adds to the equation is that Bitcoin's mining difficulty has recently jumped to 5.95 trillion on July 29, a new record. This is an increase of 771 billion of the last 2016 adjustments due to blocking difficulties, which occurred on 17 July.
Before the increase, it took two weeks to extract 1,016 blocks, but it took only 12 days. This is why the difficulty has been fixed or the blocking times would have been very small and the minable Bitcoins would have been extracted too quickly.
As the difficulty is now higher, the hash must also increase because miners need more equipment to increase their profits more easily.
At the beginning of 2018, the hash rate was 15 exahash / s, while in 2017 it was 2.5 exahash / s and only 0.7 exahash / s in 2016. Going even further into the past it was discovered that the exahash was 0.3 in 2015, 0.1 in 2014 and only 25 th / s at the start of 2013. If we go to the start, it's like 1 megahash / s after the 2009 launch.
Bitcoin will exceed 100 exahash / s? Almost certainly. Will it also exceed 1,000 exahash / s? At the moment it seems something too far, but who knows. It is not impossible when you see that the hash rate is 40 times higher after only 18 months. Looking at it this way, raising it another 20 times until the end of time does not seem so impossible, although it would certainly be very difficult.
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